How the Presence of Airbnb has shifted real estate in New York City
Since the presence of Airbnb in New York, residential properties have shifted from a place to live, to a place to make a profit. The city of New York has since passed many legislation and are still in legal battles, but how effective have these limitations on Airbnb been?
How it Began
Airbnb first launched in 2008 as a product to allow travelers to escape hotels and hostels in order to have the 'homestay' experience. Since its launch the company has seen exponential success as it has expanded to 100+ cities across 220+ regions with more than 7 million listings worldwide. Forbes estimated the company at $31 billion. The company's success, however, has not been welcomed by everyone. Residents from across cities have argued for better policies protexting residents against the influx of rent and limited availability of properties caused by Airbnb. New York is currently listed as the third most popular city on Airbnb. In fact there is said to be 50,000 listings every block. We take a look to see how New York has handled Airbnb's presence and how the numbers add up.
A Timeline
The fight between Airbnb and New York has taken many turns throughout the yeras. Take a look at the timeline below to explore just how far it goes.